GST Changes Applicable 01-4-2021 | CA Rajender

Описание: Changes in GST applicable from 01/04/2021

1. E-Invoicing to be applicable from 1st April 2021 for businesses with annual aggregate turnover (PAN-level) is more than Rs.50 crore in any preceding financial year (from 2017-18).
2. As per Notification No. 78/2020 dated 15/10/2020, it is Mandatory reporting of HSN codes in B2B and exports invoices will apply from 1st April 2021. The number of digits varies depends on aggregate turnover in the preceding Financial year for small and large taxpayers.
Turnover Upto 5cr : 4 digits HSN
Turnover more than 5cr (For B2C Invoices also) : 6 digits HSN
For Exporters and few notified goods( 49 chemical based goods) : 8 digits HSN
Irrespective of turnover

This corresponding change is in Table 12 of GSTR-1 (Summary of HSN-wise reporting of outward supplies)

3. Opting in or out of Composition Scheme before 31/03/2021
4. The LUT need to be in place for the coming financial year 2021-22 before 01st April 2021 so that the exports don’t get stuck at the last moment
5. QR code on B2C supplies by businesses having turnover above 500 crores is required to be printed from 01st April 2021. If the same is not complied with from 01st April 2021, they will be liable for penalty on all B2C supply wef 01st December 2020.
6. Ensure Restricted ITC as per 36(4) and make proper reconciliation
7. Creation of a new/unique serially numbered invoice series of invoices to be raised from 01 April 2021.
8. The taxpayers have to choose their business activity from manufacturer, wholesaler, distributors, retailer, service providers and others once after login based on highest turnover amongst.
9. 8 bank IFSC codes are updated due to the merger of the organizations. The account holders should update their banking details via refund application and non-core amendments, in the case of validation error by PFMS.
10. Change in return filing system from QRMP Scheme to regular or vice-versa for April-June 2021 quarter
11. Matching of 2A vs 2B vs Books to avoid notices from department.
12. Refund till March 2019 to be time barred on 24.04.2021.
13. Sales reconciliation of books, GSTR 1 & GSTR 3B
14. Check Reversal as per Rule 42 & 43 on the sales & ITC of complete financial year
15. Being a corporate taxpayer, it is mandatory to maintain audit trial of all the accounting entries electronically and therefore as per Rule 56(8) if same is complied, then there is no requirement to maintain audit trails manually

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